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  • Reval Hotels expands into economy class hotel segment

    Vilnius, October 20th, 2006.

    The largest Baltic hotel chain Reval Hotels is expanding into the economy class hotel segment by acquiring Baltpark hotel chain in Lithuania. Reval Hotels today signed a take-over contract for two Baltpark hotels located in Vilnius and Klaipėda. The deal increases Reval Hotels’ portfolio in Lithuania to four hotels. The value of the deal is confidential. Baltpark hotels will start operation as Reval Inn from January 2007.

    Reval Inn aims at the fast growing economy segment in the Baltic countries, and Eastern Europe. The company plans to expand in Poland, Ukraine and Russia. “Still, before entering the other markets, it is necessary to become strong at our home market in the Baltics,” said Mr. Skogland. He pointed out that with two Baltpark hotels, and new hotels in Kaunas and Riga, Reval Hotels will build a solid foundation to support the expansion plans to the new markets.

    By 2008 Reval Hotels expects to have 12 properties in the Baltic countries branded as Reval Hotels or Reval Inn, with a total of 1200 employees and a turnover of 70 million Euros. By 2010 Reval Hotels plans to be established in Warsaw, Kiev, St. Petersburg and Moscow. Reval Hotels is a leading hotel chain in the Baltics, which operates seven hotels: four hotels in Tallinn, two in Riga and one in Vilnius.

    Reval Hotels is owned by Norwegian real estate investment company Linstow AS, owned by Anders Wilhemsen Group, major shareholder of world’s second largest cruise shipping company Royal Caribbean Cruise Lines. The annual turnover of Reval Hotels was 47 million Euros in 2005.

  • November-December

    Takioji Neris closed for renovations from 1 October, 2006

    Hotel Takioji Neris closed for major renovations starting 1 October and will re-open as Reval Hotel Neris in early spring 2008. As a result of the renovations, Reval Hotel Neris will become the largest hotel in Kaunas. The hotel will have over 200 new guest rooms in various categories, offering comfortable accommodation for both business and leisure tourists.